ST. PETERSBURG, Fla. / ACCESSWIRE / August 15, 2014 / Sylios Corp (OTC Pink:UNGS), through its subsidiary, The Greater Cannabis Company, LLC, is pleased to announce that it has entered into a U.S. based licensing agreement with Artemis Dispensing Technologies ("Artemis") for the development and resell of its automated dispensing product.
Under the collaboration and license agreement, Artemis will be responsible for the development of a high end automated dispensing product. Upon launch and sales of the product, Artemis will be responsible for the installation, training and customer support for the hardware and software. The Company will be responsible for direct sales, addition of key distributors and sub-licensing of specific territories within the U.S.
Under the terms of the agreement, the Company will pay to Artemis a one-time licensing fee in the amount of $500,000.00 broken into tranches and based on development parameters. The Company has made the first payment towards the licensing agreement. Artemis will also receive a percentage of transaction fees generated on a monthly basis per unit. The Company will receive revenue generated directly from sales either though its website or sales staff, a royalty from sales generated through third party vendors/distributors, transaction based revenue and a percentage of any sub-licenses sold. In addition, the Company shall have the first right of refusal to purchase a license for the use of the same technology in other countries.
The Company's intended use of this product is solely as its first tier cannabis dispensing product. The product is scheduled to be completed and launched during the fourth quarter of 2014. As previously announced, the Company will launch its website dedicated to the new cannabis dispensing product in the very near future and anticipates presales to commence immediately thereafter.
Artemis previously entered into a Master License Agreement for the development and use of this proprietary technology focusing on automated dispensing units, inventory management and digital signage. By entering into this license agreement with Artemis, the Company has retained the full scope of technology required for launching an advanced cannabis dispensing product.
As such, the Company and Signifi have mutually agreed not to complete the acquisition as described in the Letter of Intent entered into earlier this year. Instead, the company will proceed with product development through the license agreement with Artemis. By terminating the proposed acquisition and moving forward with the licensing agreement, Management estimates that the number of shares required to be issued by the Company will be reduced by over 300 million, cash outlay for capital expenditures will be reduced by over $1.0 million and the time the Company recognizes revenue from sales cut in half.
Wayne Anderson, President of Sylios Corp, noted, "While the original plan for an acquisition and integration of the entire Signifi team was our original goal, Management strongly believes that it is in the best interest of shareholders to move forward with the licensing agreement with Artemis. The reduction in shareholder dilution will allow shareholders to benefit from the launch of the Company's cannabis dispensing product and subsequent revenue recognition in a more timely fashion."
About Sylios Corp
Sylios Corp, based in St. Petersburg, FL, is a holding corporation with operations engaged in the exploration and development oil and natural gas properties, investments in equities and corporate debt and the development of products utilized for the medical and recreational marijuana industry. Additional information can be obtained at the Company's website, www.usnatgascorp.com. The Company's website address will change to www.sylios.com.
About Artemis Dispensing Technologies
Artemis is a technology company founded with the goal of developing custom automated dispensing solutions. Its expertise is in working with verticals that require high security and temperature control and flexible payment processing technologies. Additional information can be obtained at the Company's website, www.artemisvending.com.
UNGS Forms "The Greater Cannabis Company, LLC" and Board Of Directors Vote For Company Name Change to reflect change of direction
On March 13, 2014, the Company formed The Greater Cannabis Company, LLC ("GCC") in the state of Florida. GCC will act as the
Company’s operating subsidiary for its new operation in the medical and recreational marijuana market.
(UNGS) US Natural Gas Corp Announces Corporate Realignment and Expansion of Operations Company Forms Cannabis Subsidiary
ST. PETERSBURG, Fla. March 17, 2014 --(OTC Pink:UNGS), an energy exploration company with operations in the Appalachian Basin is pleased to inform shareholders that the Company's Board of Directors has elected to realign its hierarchy of operations and further expand operations with the formation of a new wholly owned subsidiary.
In an effort to more accurately reflect the Company's operations, the Board of Directors has approved several key changes to be implemented within the coming weeks. Included within these changes will be a name change to the parent Company to better reflect its role as a holding company. The Company's current subsidiaries will remain active with the possibility of name changes to one or more.
The Company has formed a wholly owned subsidiary whose operations will concentrate on the medical and recreational marijuana market in the southeast.
Further details on the aforementioned corporate actions will be released simultaneously with the release of the Company's Unaudited 2013 Annual Report on or before March 30, 2014.
Market Value1 $1,095031 a/o Jun 09, 2014
Shares Outstanding 576,332,181 a/o Mar 31, 2014
Float 233,459,081 a/o Mar 24, 2014
Authorized Shares 2,000,000,000 a/o Nov 14, 2013
Par Value 0.001
Management Wayne Anderson, President and Chairman
Wayne Anderson has served as the President and Chairman of the Board of US Natural Gas since the incorporation of the company,
under the name of Adventure Energy, Inc., in March 2008. Prior to founding Adventure Energy, Wayne Anderson acted as the
Managing Member and a founding partner of Around the Clock Trading & Capital Management, LLC, an investment management
company, and the General Partner of Around the Clock Partners, LP from January 2000 through 2008. Through the fund Around the
Clock Partners, LP, Mr. Anderson has made significant key investments within the natural resources sector.
Mr. Anderson has been a vital source in negotiating and executing transactions for several small to mid-sized companies. From June
1997 through December 1999, Mr. Anderson was a proprietary equities trader. Mr. Anderson practiced as a Podiatric physician from
May 1993 through June 1997. Mr. Anderson studied biology at the University of Georgia from 1984 to 1987 and then attended the
Temple University School of Podiatric Medicine (formerly the Pennsylvania College of Podiatric Medicine) where he received a
doctorate of podiatric medicine (DPM) in 1991.
The Greater Cannabis Company
Formed in March 2014, The Greater Cannabis Company, LLC will act as the Company’s operating subsidiary for its recently launched operations in the medical and recreational marijuana market. The Company will look to represent a line of premier products through licensing agreements, development, acquisitions and joint ventures.
The Company recently entered into a U.S. based licensing agreement with Artemis Dispensing Technologies for the development and resell of its automated dispensing product. Under the collaboration and license agreement, Artemis will be responsible for the continued development and completion of the automated dispensing product. Upon launch and sales of the product, Artemis will be responsible for the installation, training and customer support for the hardware and software. The Company will be responsible for direct sales, addition of key distributors and sub-licensing of specific territories within the U.S.
The Company has registered several domain names associated with the medical and recreational marijuana market. A few of the Company's domain names include:
Sign up for breaking news Sign Up Today The Company will launch its new e-commerce store for showcasing products geared towards the medical and recreational marijuana industry. The e-commerce store will go live during the month of September and can be found at www.greatercannabiscompany.com.